International Monetary Fund (IMF)
IMF paper advocates hybrid discretion and rules-based macro-prudential policy
Researchers say discretionary systems can be gamed but rules struggle to properly account for risk; combination of ‘strong baseline’ and time-varying component gives best results
Lagarde sets out case for ECB rate cut and wider use of OMT
IMF managing director says ECB has room to cut rates and a European recovery is constrained by a lack of demand; suggests OMT programme could help countries ‘regain market access'
IMF’s Shafik says communication is central banks' ‘most important tool’
Deputy managing director Nemat Shafik believes communication is the most valuable of central banks’ unconventional policies; highlights benefits of maintaining a disciplined message
De Larosière slams US protectionism and EU Solvency II rules
Former IMF and Banque de France chief Jacques de Larosière says the introduction of a swathe of new regulations in Europe – by contrast to the US – may jeopardise the continent’s growth
IMF report calls for more powers for Bank of Spain
Progress report finds Spain has implemented 'the bulk' of required financial sector reforms, but suggests greater independence and powers for the central bank
The trade-off between bank regulation and economic growth
The pendulum has swung firmly in favour of financial services regulatory reform. But economic growth is likely to suffer – particularly in Europe – unless some of the rules are changed
Bretton Woods transcripts reveal global discord that still resonates today
In the first of three articles, Andrew Rosenberg discusses the issues that arose at the 1944 conference that continue to echo down through the years.
Hungarian police confirm investigation of 'unknown person' linked with central bank allegations
Hungarian police launch malfeasance investigation into an individual believed to work at the National Bank of Hungary; governor András Simor is 'unlikely' to be the target
IMF staff present mixed economic outlook following G-20 meeting
Report sounds note of cautious optimism as financial markets recover, but downside risks remain around the implementation of important policies in the US, Japan and Europe
IMF paper urges ‘meaningful debt restructuring’ in private sector
Study says 'now is the time' for governments to tackle households and corporate sector debt; out-of-court restructurings may be a useful tool
Report slams IMF over Article IV ‘formalistic rituals’
Independent Evaluation Office finds IMF has been consistently failing in some areas, with the Fund paying little attention to the needs of individual countries
Lagarde welcomes G-20 commitment to avoid currency wars
IMF managing director says a more resilient financial system is a priority for the G-20, which will work to avoid ‘persistent exchange rate misalignments'
Hungarian central bank accused of illegal data transfer
Rift between National Bank of Hungary and the State Audit Office widens amid accusations of ‘unlawful' communication with the IMF and poor management of banknote company
IMF issues reality check on European banking union
Researchers say it could take five years to fully implement banking union in Europe, and warn a piecemeal approach could actually make the situation worse
IMF working paper calls for consistency in East African monetary policy
Study into monetary transmission mechanism in the East African Community finds policy tools often used in a contradictory manner
Robert Pringle’s Viewpoint: Assessing Masaaki Shirakawa’s legacy
The policies of outgoing Bank of Japan governor, Masaaki Shirakawa, have brought economic stability to Japan and are likely to be viewed favourably by future generations
South Africa moves toward UK-style ‘twin peaks’ regulators
Sarb issues consultative document on introduction of prudential and conduct regulators similar to plans in the UK; IMF study encounters problems in testing efficacy of macro-prudential policy
IMF research lends support to exchange rate liberalisation
Working paper concludes exchange rate liberalisation in sub-Saharan Africa ended a prolonged crisis and prompted a ‘strong and ongoing’ economic expansion
IMF board split on quota reform options
Disagreement among IMF executive board members over whether more emphasis on emerging markets is needed, with ‘considerable support’ for increasing weight of GDP in quota formula
Bank of Israel governor Fischer to step down
Stanley Fischer announces he will stand down in June this year; speculation begins as to his next move
IMF paper says central banks are hoarding good collateral
Study finds pools of good collateral are evaporating as a result of unorthodox central bank policies; regulation is amplifying the trend
‘Frontier Asia’ addresses challenge of growing sustainably
Thai governor and IMF official emphasise need to address the macroeconomic, financial and structural challenges that high growth rates can bring
People: New chair at Richmond Fed; Norwegian takes executive directorship at IMF
Richmond Fed appoints new chair and deputy; Norway takes rotating directorship at IMF; Egyptian governor ratified; and more
New studies tackle diverse inflation outcomes in eastern Europe
Papers by the IMF and National Bank of Slovakia assess factors behind incomplete interest rate pass through and divergent drivers of inflation in eastern Europe